Bangladesh GDP beat forecast, grew 7.11% in 2015-16 fiscal: Planning minister

Bangladesh’s economy grew by 7.11 percent in the previous financial year at a rate faster than was calculated by the Ministry of Planning.

The ministry had projected a growth rate of 7.05 percent after analysis of figures from July through March.

Planning Minister AHM Mustafa Kamal revealed the figure to the media at a press conference on Tuesday.

The prime minister has been informed of the achievement, he said.

The government targeted a GDP growth of 7 percent in the budget for the 2016-17 fiscal.

But estimates of global lenders, the World Bank and Asian Development Bank from the July-March statistics had put Bangladesh’s projected growth at 6.70 percent.

Despite the GDP growth rate, per capita income has decreased by a dollar and now stands at $1,465.

The fall was due to the Taka falling against the US Dollar in the currency market since the projections were made last May, said the planning minister.

While the exchange rate last May was Tk 78.15 to the USD, it was 78.27 at the time of the latest evaluation.

According to the latest statistics, Bangladesh’s GDP is now worth $221 billion.